MIDDLEBURY — The National Bank of Middlebury has named Caroline Carpenter president and CEO.

She will succeed G. Kenneth Perine who will retire at the end of the year after 23 years leading the bank.

Carpenter, a 17-year employee of the bank and current executive vice president, will take over as president and CEO on Jan. 1.

Perine said Wednesday that it was time to retire and pass on the leadership of the bank.

“I’m creeping up on that normal retirement age and it was time,” Perine said. “We had someone champing at the bit who’s going to do a great job.”

Since Perine joined the bank in 1987, the bank’s assets have grown from $50 million to $300 million today. The number of employees and offices have grown as well during that time from 33 employees and three branches to 100 employees and five branches.

“I think what I’m most proud of, we’ve been able to keep the small town feel and still bring state-of-the-art, if you will, services to the people in our communities,” Perine said.

He also looked back with pride on the creation, with two other banks, of a state-chartered trust company — Community Financial Services Group. He said the trust company has been doing very well and now has more than $470 million in assets under management. “I feel really good that we have the ability to service the financial needs in our communities from cradle to grave,” Perine said.

Carpenter, his successor, is a magna cum laude graduate of the University of Vermont. She is also a 2000 graduate of New England School of Banking at Williams College, where she earned honors as a Jordan Scholar.

Carpenter started her career in Addison County in 1991 as a mortgage originator at Vermont Federal Bank. In 1997, she joined National Bank of Middlebury.

Sarah Stahl, chairwoman of the board of directors said in a statement: “The board is very appreciative of Ken’s leadership of our bank. His outstanding service continues a tradition of long-serving leaders. We are confident Caroline will pick up where Ken leaves off and will insure the bank continues to bring real value to the communities we serve.”

Perine said Carpenter will bring “an energetic and youthful outlook” to the position.

Beyond her 17 years experience with the bank, he said Carpenter is particularly “savvy in the technology area,” which is a significant ability that a CEO needs going forward. “She has been heading up our technology department now for a number of years and she really understands that business well,” Perine said.

Perine will continue to serve on the board of directors and will be working on special projects over the next two years on a part-time basis.

Carpenter makes her home in Salisbury with her husband Craig and their three children.

National Bank of Middlebury has offices in Middlebury, Brandon, Bristol, Hinesburg and Vergennes.